The long arm of the law being enforced by the new consumer sheriff in town is extending to EBay Inc., which is facing an investigation by the CFPB over a loan program that resembles a structure used by high-interest lenders to bypass state regulations before the practice was eradicated by regulators. The program at issue, known as Bill Me Later, is a service provided by EBay’s PayPal unit that derives funding from Comenity Capital Bank, based in Salt Lake City, UT, to make loans that are subsequently purchased and managed by EBay...